Apsis Aerocom (NSE:APSISAERO) Beneish M-Score: 0.87 (As of Jul. 22, 2026) — Near Median

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NSE:APSISAERO Apsis Aerocom Ltd NSE:APSISAERO
21 GF Score
Price ₹401.45
! 6 Warning Signs
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What is Apsis Aerocom Beneish M-Score?

Apsis Aerocom NSE:APSISAERO +1.98% 21 Beneish M-Score is 0.87 as of Jul. 22, 2026, which is at its 10-year median of 0.87. GuruFocus rates NSE:APSISAERO with a GF Score™ of 21/100. The stock has 6 warning signs investors should review. Among 1,699 Construction companies, Apsis Aerocom ranks worse than 97.12% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score 0.87 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Apsis Aerocom's Beneish M-Score or its related term are showing as below:

NSE:APSISAERO' s Beneish M-Score Range Over the Past 10 Years
Min: 0.87   Med: 0.87   Max: 0.87
Current: 0.87

During the past 3 years, the highest Beneish M-Score of Apsis Aerocom was 0.87. The lowest was 0.87. And the median was 0.87.

Apsis Aerocom Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Apsis Aerocom's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Apsis Aerocom Beneish M-Score Chart

Apsis Aerocom Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.87

Apsis Aerocom Semi-Annual Data
Mar23 Mar24 Mar25 Sep25
Beneish M-Score 0.00 0.00 0.87 0.00

NSE:APSISAERO vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Apsis Aerocom's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Apsis Aerocom Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Apsis Aerocom's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Apsis Aerocom's Beneish M-Score falls into.


NSE:APSISAERO
21GF Score
Apsis Aerocom Ltd NSE:APSISAERO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Apsis Aerocom Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Apsis Aerocom for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 3.1449+0.528 * 0.6836+0.404 * 1.0539+0.892 * 1.2148+0.115 * 0.8044
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2636+4.679 * 0.271152-0.327 * 0.6079
=0.87

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹37.7 Mil.
Revenue was ₹204.9 Mil.
Gross Profit was ₹161.2 Mil.
Total Current Assets was ₹77.8 Mil.
Total Assets was ₹184.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹97.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5.3 Mil.
Total Current Liabilities was ₹69.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1.6 Mil.
Net Income was ₹66.4 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹16.3 Mil.
 Total Receivables was ₹9.9 Mil.
Revenue was ₹168.7 Mil.
Gross Profit was ₹90.7 Mil.
Total Current Assets was ₹42.8 Mil.
Total Assets was ₹119.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹70.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3.5 Mil.
Total Current Liabilities was ₹73.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2.1 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(37.656 / 204.906) / (9.856 / 168.669)
=0.183772 / 0.058434
=3.1449

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(90.679 / 168.669) / (161.158 / 204.906)
=0.537615 / 0.786497
=0.6836

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (77.835 + 97.571) / 184.572) / (1 - (42.84 + 70.885) / 119.349)
=0.049661 / 0.047122
=1.0539

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=204.906 / 168.669
=1.2148

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(6.16 / (6.16 + 70.885)) / (10.769 / (10.769 + 97.571))
=0.079953 / 0.0994
=0.8044

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(5.336 / 204.906) / (3.476 / 168.669)
=0.026041 / 0.020608
=1.2636

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1.556 + 69.404) / 184.572) / ((2.068 + 73.413) / 119.349)
=0.384457 / 0.632439
=0.6079

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(66.376 - 0 - 16.329) / 184.572
=0.271152

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Apsis Aerocom has a M-score of 0.87 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.87 mean?
Apsis Aerocom (NSE:APSISAERO) has a Beneish M-Score of 0.87 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Apsis Aerocom and its competitors. This is near median its historical median of 0.87. Over the past decade, Apsis Aerocom's Beneish M-Score has ranged from 0.87 to 0.87. According to the industry distribution chart, Apsis Aerocom ranks #1650 out of 1699 companies in the Construction industry, placing it in the top 97.1%.
Is Apsis Aerocom's Beneish M-Score too high?
Apsis Aerocom's current Beneish M-Score of 0.87 is near median its 10-year median of 0.87. Over the past 10 years, this metric has ranged from a low of 0.87 to a high of 0.87. Based on the distribution chart, Apsis Aerocom ranks #1650 out of 1699 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Apsis Aerocom has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Apsis Aerocom's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Apsis Aerocom ranks #1650 out of 1699 companies for Beneish M-Score. This places Apsis Aerocom in the lower half of its industry. Historically, Apsis Aerocom's own Beneish M-Score has ranged from 0.87 to 0.87 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Construction company?
A good Beneish M-Score depends on the Construction industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Apsis Aerocom and its competitors. Apsis Aerocom's current Beneish M-Score is 0.87, which is near median its own 10-year median of 0.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Apsis Aerocom stock overvalued right now?
Apsis Aerocom (NSE:APSISAERO) has a current Beneish M-Score of 0.87. The current Beneish M-Score is 0.87, which is near median its 10-year median of 0.87. Apsis Aerocom's overall GF Score™ is 21/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Apsis Aerocom (NSE:APSISAERO), the current Beneish M-Score is 0.87 as of Jul. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Apsis Aerocom Business Description

Address 10th Cross Road, Plot No.392/1, IV Phase Peenya Industrial Area, Ganapathy Nagar, Peenya, Bangalore, KA, IND, 560058
Apsis Aerocom Ltd is a precision engineering company specializing in manufacturing components and providing allied services for the aerospace, defence, and healthcare industries. Using modern manufacturing techniques, it delivers end-to-end solutions from design support to final product delivery. The company produces precision-engineered parts, including insert connectors, cover bottoms, bottom and top boxes, scanner focusing blocks, and other components, serving niche segments in aerospace, defence, and healthcare. It operates on both build-to-print and build-to-specification models, strictly adhering to customer designs, drawings, and technical specifications. The company derives revenue from the sale of products predominantly in India.
21GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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